Summary: Orange County, California; FNMA Collateral Agreement Sep 11

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AbstractStandard & Poor's Ratings Services affirmed its 'AA+/A-1+' rating on Orange County, Calif.'s variable-rate multifamily housing revenue bonds (Trabuco Woods Project), series 1998J. The bonds are backed by a mortgage loan that is secured by a Fannie Mae collateral agreement. The 'AA+' rating reflects the likelihood bondholders will receive payments of debt service. The 'A-1+' rating reflects the likelihood of payment for ongoing optional and mandatory tenders. The outlook is negative. Other rating factors are: The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity, The high credit quality, of the Fannie Mae collateral agreement; considered to be 'AA+' eligible, Extremely strong investment quality, and An...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the
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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

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